财政压力、技术创新与绿色全要素生产率

经济社会转型期典型的中国式"压力型"财政，对地方创新活动和绿色可持续发展具有重要影响。运用2004~2017年中国256个地级市面板数据，实证考察了财政压力对绿色全要素生产率的影响以及传导机制。基准检验结果显示，财政压力显著抑制了绿色全要素生产率的提升，技术创新对绿色全要素生产率具有显著的促进作用；中介效应检验发现，财政压力通过抑制技术创新进而阻碍绿色全要素生产率的提升，即验证了财政压力→技术创新→绿色全要素生产率的传导机制；进一步门槛效应检验表明，技术创新对绿色全要素生产率的影响存在基于财政压力的双门槛效应，在财政压力的不同门槛值区间，技术创新对绿色全要素生产率的促进效应呈现出明显的阶梯性降低趋势。未来需综合完善中国式"压力型"财政激励制度，合理控制财政压力的区间范围，助力技术创新以提升城市绿色全要素生产率。

Fiscal Pressure,Technological Innovation and Green Total Factor Productivity

The typical Chinese-style "pressure-type" finance in economic and social transition period has important influence on local innovation activities and green sustainable development.By using the panel data of 256 prefecture-level cities in China in 2004~2017,this paper empirically examines the influence of fiscal pressure on green total factor productivity and the transmission mechanism.The results of benchmark test show that fiscal pressure significantly inhibits the improvement of green total factor productivity,and technological innovation significantly promoted green total factor productivity; The intermediary effect test found that the financial pressure prevented the green total factor productivity by restraining the technological innovation; Further threshold effect test shows that the effect of technological innovation on green total factor productivity has a double threshold effect based on financial pressure.In the different threshold range of financial pressure,the promotion effect of technological innovation on green total factor productivity shows a significant step down.In the future,it is necessary to comprehensively improve the Chinese-style "pressure-type" financial incentive system,reasonably control the range of financial pressure,and help technological innovation to enhance urban green total factor productivity.